Fafsa for small bussiness owners?

Paying for College
1

<p>My Dad owns a small business, around 10 workers. parent's are married and Mom doesn't work.</p>

<p>I'm looking at the Fafsa worksheet, and I understand which amount I put under the adjusted gross income, but I'm confused about the section that says:</p>

<p>"How much did your father/stepfather earn from working in 2012?"</p>

<p>Is it the "total income" on line 22 of the 1040 form, or is it something else?</p>

<p>I'd appreciate the help.</p>

2

<p>No, the FAFSA instructions state clearly that this refers to “wages, salaries, tips” from line 7 of the 1040 . . . and it would be zero.</p>

3

<p>

</p>

<p><a href=“https://faaaccess.ed.gov/fotw1213/help/fotw20e.htm”>https://faaaccess.ed.gov/fotw1213/help/fotw20e.htm&lt;/a&gt;&lt;/p&gt;

<p>The purpose of the question is to give credit for SS taxes paid.</p>

4

<p>It’s Form 1040, so if any of those mentioned lines are blank I just count them as a zero when I add them up to a total earnings?</p>

5

<p>Yes, blank equals zero.</p>

6

<p>If he is unincorporate, it’s the net income from his Schedule C. If he is a sub-S corp, it’s the amount of his W2 income.</p>

7

<p>Thank You!</p>